Personal Loan
A personal loan is a loan that is granted to private individuals. A personal loan can be granted by banks, private individuals or crowdlending platforms.
The term personal loan is also used as a synonym for cash loan or consumer loan. Consumer loans can be taken out for a wide variety of purposes.
However, the term is sometimes used to describe a privately granted loan - i.e. when the lender is a natural person. Loans from private individuals are not considered consumer loans and do not fall under the regulations of the Consumer Credit Act. Personal loans are also sometimes defined as unsecured loans to natural persons. When a personal loan has a collateral in form of real estate, we at LEND classify it as a mortgage.
Car loan
A car loan is taken out to finance the purchase of a vehicle (whether used or new). The car loan belongs to the group of personal loans.
A question that regularly arises in the course of buying a car is that of the advantages and disadvantages of a car loan versus leasing. While leasing is a kind of renting the car, financing with a loan makes the customer the owner of the vehicle. Thus, the customer has the possibility to decide freely about insurance, kilometers and also resale. There are basically no regulations, as is the case with the leasing contract.
Medical Loan
A medical loan is equivalent to a personal loan and gives the borrower the opportunity to finance anything that is important for his or her health or well-being that isn't covered by the health insurance. Possible reasons for taking out such a loan:
Dental or hospital bills
Operations
Braces
Free choice of doctor
Expensive medicines not covered by health insurance
Alternative healing and treatment methods, homeopathy
Private care / home help
Cosmetic surgery / cosmetic procedures
Treatments abroad